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Form 8.3 - American Axle & Manufacturing Holdings

24th Apr 2025 15:00

RNS Number : 0714G
Citadel Group
24 April 2025
 

FORM 8.3

 

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY

A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

Rule 8.3 of the Takeover Code (the "Code")

 

1. KEY INFORMATION

 

(a) Full name of discloser:

Citadel Group

(b) Owner or controller of interests and short positions disclosed, if different from 1(a):

The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.

N/A

(c) Name of offeror/offeree in relation to whose relevant securities this form relates:

Use a separate form for each offeror/offeree

AMERICAN AXLE MANUFACTURING HOLDINGS INC

(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:

N/A

(e) Date position held/dealing undertaken:

For an opening position disclosure, state the latest practicable date prior to the disclosure

23 April 2025

(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?

If it is a cash offer or possible cash offer, state "N/A"

YES

DOWLAIS GROUP PLC

 

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

 

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

 

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

 

Class of relevant security:

Common Stock

ISIN US0240611030

USD 0.01 common

 

 

Interests

Short positions

 

Number

%

Number

%

(1) Relevant securities owned and/or controlled:

683,026

0.57

139,805

0.11

(2) Cash-settled derivatives:

 

56,899

0.04

0

0.00

(3) Stock-settled derivatives (including options) and agreements to purchase/sell:

2,114,700

1.78

558,900

0.47

 

TOTAL:

2,854,625

2.41

698,705

0.59

 

All interests and all short positions should be disclosed.

 

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

 

(b) Rights to subscribe for new securities (including directors' and other employee options)

 

Class of relevant security in relation to which subscription right exists:

N/A

Details, including nature of the rights concerned and relevant percentages:

N/A

 

 

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

 

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

 

The currency of all prices and other monetary amounts should be stated.

 

(a) Purchases and sales

 

Class of relevant security

Purchase/sale

 

Number of securities

Price per unit

Common

Buy Transaction

1,486

3.3750 USD

Common

Buy Transaction

3,062

3.3800 USD

Common

Buy Transaction

1,978

3.3830 USD

Common

Buy Transaction

1,686

3.3836 USD

Common

Buy Transaction

200

3.3850 USD

Common

Buy Transaction

7

3.3857 USD

Common

Buy Transaction

10

3.3870 USD

Common

Buy Transaction

1,449

3.3873 USD

Common

Buy Transaction

2,777

3.3886 USD

Common

Buy Transaction

7,356

3.3887 USD

Common

Buy Transaction

243

3.3900 USD

Common

Buy Transaction

99,297

3.3900 USD

Common

Buy Transaction

459

3.3922 USD

Common

Buy Transaction

198

3.3942 USD

Common

Buy Transaction

2,000

3.4000 USD

Common

Buy Transaction

1,217

3.4015 USD

Common

Buy Transaction

200

3.4050 USD

Common

Buy Transaction

215

3.4050 USD

Common

Buy Transaction

632

3.4069 USD

Common

Buy Transaction

29,618

3.4081 USD

Common

Buy Transaction

1,797

3.4100 USD

Common

Buy Transaction

27,990

3.4104 USD

Common

Buy Transaction

1,542

3.4114 USD

Common

Buy Transaction

5,195

3.4118 USD

Common

Buy Transaction

4,742

3.4133 USD

Common

Buy Transaction

2,201

3.4152 USD

Common

Buy Transaction

9,739

3.4155 USD

Common

Buy Transaction

9

3.4156 USD

Common

Buy Transaction

6,974

3.4163 USD

Common

Buy Transaction

4,155

3.4169 USD

Common

Buy Transaction

3,044

3.4185 USD

Common

Buy Transaction

782

3.4185 USD

Common

Buy Transaction

486

3.4197 USD

Common

Buy Transaction

943

3.4198 USD

Common

Buy Transaction

1,533

3.4200 USD

Common

Buy Transaction

3,155

3.4207 USD

Common

Buy Transaction

6,207

3.4219 USD

Common

Buy Transaction

30,005

3.4237 USD

Common

Buy Transaction

1,360

3.4250 USD

Common

Buy Transaction

1,263

3.4259 USD

Common

Buy Transaction

500

3.4260 USD

Common

Buy Transaction

650

3.4273 USD

Common

Buy Transaction

1,499

3.4285 USD

Common

Buy Transaction

386

3.4285 USD

Common

Buy Transaction

5,474

3.4287 USD

Common

Buy Transaction

3

3.4300 USD

Common

Buy Transaction

1,200

3.4308 USD

Common

Buy Transaction

1

3.4322 USD

Common

Buy Transaction

3,867

3.4327 USD

Common

Buy Transaction

1,300

3.4346 USD

Common

Buy Transaction

600

3.4350 USD

Common

Buy Transaction

1,920

3.4369 USD

Common

Buy Transaction

418

3.4393 USD

Common

Buy Transaction

400

3.4400 USD

Common

Buy Transaction

601

3.4400 USD

Common

Buy Transaction

500

3.4420 USD

Common

Buy Transaction

23

3.4435 USD

Common

Buy Transaction

200

3.4450 USD

Common

Buy Transaction

657

3.4452 USD

Common

Buy Transaction

1,422

3.4454 USD

Common

Buy Transaction

236

3.4473 USD

Common

Buy Transaction

1,430

3.4500 USD

Common

Buy Transaction

2,000

3.4501 USD

Common

Buy Transaction

140

3.4503 USD

Common

Buy Transaction

178

3.4518 USD

Common

Buy Transaction

1

3.4543 USD

Common

Buy Transaction

126

3.4544 USD

Common

Buy Transaction

438

3.4547 USD

Common

Buy Transaction

30,835

3.4563 USD

Common

Buy Transaction

900

3.4567 USD

Common

Buy Transaction

2,000

3.4590 USD

Common

Buy Transaction

1,093

3.4590 USD

Common

Buy Transaction

155

3.4592 USD

Common

Buy Transaction

110

3.4600 USD

Common

Buy Transaction

900

3.4611 USD

Common

Buy Transaction

894

3.4626 USD

Common

Buy Transaction

273

3.4631 USD

Common

Buy Transaction

32

3.4650 USD

Common

Buy Transaction

72,240

3.4667 USD

Common

Buy Transaction

553

3.4692 USD

Common

Buy Transaction

910

3.4694 USD

Common

Buy Transaction

286

3.4700 USD

Common

Buy Transaction

2,812

3.4708 USD

Common

Buy Transaction

6,400

3.4743 USD

Common

Buy Transaction

1,591

3.4778 USD

Common

Buy Transaction

1,488

3.4794 USD

Common

Buy Transaction

2,571

3.4796 USD

Common

Buy Transaction

923

3.4800 USD

Common

Buy Transaction

232

3.4802 USD

Common

Buy Transaction

1,700

3.4806 USD

Common

Buy Transaction

207

3.4811 USD

Common

Buy Transaction

500

3.4820 USD

Common

Buy Transaction

600

3.4833 USD

Common

Buy Transaction

307

3.4842 USD

Common

Buy Transaction

508

3.4846 USD

Common

Buy Transaction

368

3.4855 USD

Common

Buy Transaction

233

3.4857 USD

Common

Buy Transaction

20,002

3.4869 USD

Common

Buy Transaction

400

3.4875 USD

Common

Buy Transaction

1,800

3.4906 USD

Common

Buy Transaction

2,025

3.4912 USD

Common

Buy Transaction

4,746

3.4925 USD

Common

Buy Transaction

276

3.4949 USD

Common

Buy Transaction

11

3.4982 USD

Common

Buy Transaction

1,965

3.5000 USD

Common

Buy Transaction

518

3.5005 USD

Common

Buy Transaction

14

3.5007 USD

Common

Buy Transaction

905

3.5029 USD

Common

Buy Transaction

100

3.5050 USD

Common

Buy Transaction

406

3.5050 USD

Common

Buy Transaction

28

3.5054 USD

Common

Buy Transaction

7

3.5057 USD

Common

Buy Transaction

2,000

3.5100 USD

Common

Buy Transaction

12

3.5108 USD

Common

Buy Transaction

957

3.5150 USD

Common

Buy Transaction

104

3.5158 USD

Common

Buy Transaction

7,300

3.5200 USD

Common

Buy Transaction

1,873

3.5400 USD

Common

DVP Transaction

10

3.3800 USD

Common

DVP Transaction

19

3.3832 USD

Common

DVP Transaction

79,628

3.3900 USD

Common

DVP Transaction

3

3.3933 USD

Common

DVP Transaction

26

3.4138 USD

Common

DVP Transaction

9

3.4156 USD

Common

DVP Transaction

38

3.4368 USD

Common

DVP Transaction

15

3.4373 USD

Common

DVP Transaction

9

3.4600 USD

Common

DVP Transaction

1,000

3.4700 USD

Common

DVP Transaction

9

3.4756 USD

Common

DVP Transaction

357

3.4800 USD

Common

DVP Transaction

81

3.4948 USD

Common

DVP Transaction

1,932

3.5150 USD

Common

DVP Transaction

7,300

3.5200 USD

Common

DVP Transaction

5

3.5360 USD

Common

RVP Transaction

79,627

3.3900 USD

Common

RVP Transaction

149

3.4264 USD

Common

RVP Transaction

1,080

3.4719 USD

Common

RVP Transaction

348

3.4800 USD

Common

RVP Transaction

1,932

3.5150 USD

Common

RVP Transaction

7,300

3.5200 USD

Common

RVP Transaction

5

3.5360 USD

Common

Sell Transaction

155

3.3800 USD

Common

Sell Transaction

96

3.3850 USD

Common

Sell Transaction

99,159

3.3900 USD

Common

Sell Transaction

353

3.3910 USD

Common

Sell Transaction

452

3.4034 USD

Common

Sell Transaction

1,000

3.4094 USD

Common

Sell Transaction

12

3.4100 USD

Common

Sell Transaction

1,974

3.4103 USD

Common

Sell Transaction

4,438

3.4108 USD

Common

Sell Transaction

700

3.4114 USD

Common

Sell Transaction

2,020

3.4117 USD

Common

Sell Transaction

729

3.4127 USD

Common

Sell Transaction

541

3.4184 USD

Common

Sell Transaction

1,533

3.4200 USD

Common

Sell Transaction

9,374

3.4245 USD

Common

Sell Transaction

278

3.4248 USD

Common

Sell Transaction

300

3.4267 USD

Common

Sell Transaction

42

3.4276 USD

Common

Sell Transaction

708

3.4276 USD

Common

Sell Transaction

509

3.4288 USD

Common

Sell Transaction

4,290

3.4288 USD

Common

Sell Transaction

204

3.4298 USD

Common

Sell Transaction

42,307

3.4340 USD

Common

Sell Transaction

327

3.4355 USD

Common

Sell Transaction

800

3.4362 USD

Common

Sell Transaction

1,800

3.4375 USD

Common

Sell Transaction

255

3.4382 USD

Common

Sell Transaction

1

3.4392 USD

Common

Sell Transaction

300

3.4400 USD

Common

Sell Transaction

150

3.4407 USD

Common

Sell Transaction

934

3.4410 USD

Common

Sell Transaction

2,878

3.4439 USD

Common

Sell Transaction

330

3.4450 USD

Common

Sell Transaction

600

3.4467 USD

Common

Sell Transaction

526

3.4491 USD

Common

Sell Transaction

1,700

3.4499 USD

Common

Sell Transaction

212

3.4500 USD

Common

Sell Transaction

532

3.4506 USD

Common

Sell Transaction

846

3.4528 USD

Common

Sell Transaction

1,000

3.4530 USD

Common

Sell Transaction

300

3.4533 USD

Common

Sell Transaction

198

3.4550 USD

Common

Sell Transaction

15,336

3.4565 USD

Common

Sell Transaction

526

3.4573 USD

Common

Sell Transaction

1,000

3.4580 USD

Common

Sell Transaction

2,000

3.4590 USD

Common

Sell Transaction

3,858

3.4600 USD

Common

Sell Transaction

7,700

3.4624 USD

Common

Sell Transaction

298

3.4634 USD

Common

Sell Transaction

923

3.4636 USD

Common

Sell Transaction

800

3.4650 USD

Common

Sell Transaction

676

3.4660 USD

Common

Sell Transaction

1,521

3.4663 USD

Common

Sell Transaction

300

3.4667 USD

Common

Sell Transaction

378

3.4669 USD

Common

Sell Transaction

788

3.4685 USD

Common

Sell Transaction

1

3.4688 USD

Common

Sell Transaction

96

3.4696 USD

Common

Sell Transaction

1,001

3.4699 USD

Common

Sell Transaction

239

3.4700 USD

Common

Sell Transaction

54

3.4722 USD

Common

Sell Transaction

3,030

3.4725 USD

Common

Sell Transaction

400

3.4725 USD

Common

Sell Transaction

120

3.4733 USD

Common

Sell Transaction

417

3.4742 USD

Common

Sell Transaction

243

3.4760 USD

Common

Sell Transaction

2,230

3.4788 USD

Common

Sell Transaction

2,900

3.4790 USD

Common

Sell Transaction

57

3.4791 USD

Common

Sell Transaction

1,444

3.4800 USD

Common

Sell Transaction

698

3.4822 USD

Common

Sell Transaction

1,400

3.4826 USD

Common

Sell Transaction

58

3.4891 USD

Common

Sell Transaction

300

3.4899 USD

Common

Sell Transaction

2,047

3.4900 USD

Common

Sell Transaction

223

3.4910 USD

Common

Sell Transaction

201

3.4948 USD

Common

Sell Transaction

748

3.4950 USD

Common

Sell Transaction

133

3.4950 USD

Common

Sell Transaction

452

3.4959 USD

Common

Sell Transaction

2,580

3.4971 USD

Common

Sell Transaction

533

3.4975 USD

Common

Sell Transaction

239

3.4984 USD

Common

Sell Transaction

514

3.4997 USD

Common

Sell Transaction

646

3.4999 USD

Common

Sell Transaction

1,857

3.4999 USD

Common

Sell Transaction

1,068

3.5000 USD

Common

Sell Transaction

2,931

3.5000 USD

Common

Sell Transaction

796

3.5014 USD

Common

Sell Transaction

256

3.5020 USD

Common

Sell Transaction

24,522

3.5048 USD

Common

Sell Transaction

1,000

3.5050 USD

Common

Sell Transaction

1,135

3.5080 USD

Common

Sell Transaction

600

3.5083 USD

Common

Sell Transaction

50

3.5096 USD

Common

Sell Transaction

9,683

3.5100 USD

Common

Sell Transaction

500

3.5120 USD

Common

Sell Transaction

230

3.5130 USD

Common

Sell Transaction

867

3.5150 USD

Common

Sell Transaction

975

3.5150 USD

Common

Sell Transaction

442

3.5178 USD

Common

Sell Transaction

19

3.5189 USD

Common

Sell Transaction

1,215

3.5200 USD

Common

Sell Transaction

3,746

3.5400 USD

 

(b) Cash-settled derivative transactions

 

Class of relevant security

Product description

e.g. CFD

Nature of dealing

e.g. opening/closing a long/short position, increasing/reducing a long/short position

Number of reference securities

Price per unit

Common

CFD

Reducing long position

23,656

3.4248 USD

Common

CFD

Reducing long position

3,296

3.4263 USD

 

(c) Stock-settled derivative transactions (including options)

 

(i) Writing, selling, purchasing or varying

 

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type

e.g. American, European etc.

Expiry date

Option money paid/ received per unit

Common

Call Option

Buy Transaction

22

4.0000 USD

American

2025-May-16

0.0500 USD

Common

Put Option

Buy Transaction

5

3.0000 USD

American

2025-May-16

0.1000 USD

Common

Call Option

Buy Transaction

2

5.0000 USD

American

2025-Oct-17

0.1500 USD

Common

Call Option

Buy Transaction

3

5.0000 USD

American

2025-Oct-17

0.1700 USD

Common

Call Option

DVP Transaction

100

4.0000 USD

American

2025-May-16

0.0600 USD

Common

Call Option

RVP Transaction

100

4.0000 USD

American

2025-May-16

0.0600 USD

 

(ii) Exercise

 

Class of relevant security

Product description

e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

 

(d) Other dealings (including subscribing for new securities)

 

Class of relevant security

Nature of dealing

e.g. subscription, conversion

Details

Price per unit (if applicable)

 

 

 

 

 

 

 

4. OTHER INFORMATION

 

(a) Indemnity and other dealing arrangements

 

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:

Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state "none"

 

None

 

 

(b) Agreements, arrangements or understandings relating to options or derivatives

 

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:

If there are no such agreements, arrangements or understandings, state "none"

 

None

 

 

(c) Attachments

 

Is a Supplemental Form 8 (Open Positions) attached?

YES

 

 

Date of disclosure:

24 April 2025

Contact name:

Paula Santos

Telephone number*:

020 7645 9700

 

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

 

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.

 

*If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel's Market Surveillance Unit.

 

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL FORM 8 (OPEN POSITIONS)

 

DETAILS OF OPEN STOCK-SETTLED DERIVATIVE (INCLUDING OPTION) POSITIONS, AGREEMENTS TO PURCHASE OR SELL ETC.

Note 5(i) on Rule 8 of the Takeover Code (the "Code")

 

 

1. KEY INFORMATION

 

Full name of person making disclosure:

Citadel Group

Name of offeror/offeree in relation to whose relevant securities the disclosure relates:

AMERICAN AXLE MANUFACTURING HOLDINGS INC

 

2. STOCK-SETTLED DERIVATIVES (INCLUDING OPTIONS)

 

Class of relevant security

Product description e.g. call option

Written or purchased

Number of securities to which option or derivative relates

Exercise price per unit

Type

e.g. American, European etc.

Expiry date

Common

Call Option

Purchased

500

5.0 USD

 

American

 

17/10/2025

 

Common

Put Option

Purchased

-4,300

4.0 USD

 

American

 

20/06/2025

 

Common

Call Option

Purchased

1,000,000

5.0 USD

 

American

 

20/06/2025

 

Common

Call Option

Purchased

150,000

4.0 USD

 

American

 

20/06/2025

 

Common

Call Option

Purchased

245,600

6.0 USD

 

American

 

18/07/2025

 

Common

Call Option

Purchased

6,000

5.0 USD

 

American

 

20/06/2025

 

Common

Put Option

Purchased

-1,400

5.0 USD

 

American

 

20/06/2025

 

Common

Call Option

Purchased

700

10.0 USD

 

American

 

18/07/2025

 

Common

Put Option

Purchased

-300

5.0 USD

 

American

 

17/10/2025

 

Common

Put Option

Purchased

-13,000

3.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Purchased

200

3.0 USD

 

American

 

16/05/2025

 

Common

Put Option

Purchased

-104,200

6.0 USD

 

American

 

20/06/2025

 

Common

Call Option

Purchased

2,300

7.0 USD

 

American

 

20/06/2025

 

Common

Put Option

Purchased

-1,400

4.0 USD

 

American

 

16/01/2026

 

Common

Put Option

Purchased

-400

4.0 USD

 

American

 

16/05/2025

 

Common

Put Option

Purchased

-900

5.0 USD

 

American

 

17/07/2026

 

Common

Put Option

Purchased

-5,400

4.0 USD

 

American

 

18/07/2025

 

Common

Call Option

Purchased

2,500

10.0 USD

 

American

 

16/01/2026

 

Common

Put Option

Purchased

-500

3.0 USD

 

American

 

16/05/2025

 

Common

Call Option

Purchased

600,000

6.0 USD

 

American

 

18/07/2025

 

Common

Call Option

Purchased

300

8.0 USD

 

American

 

20/06/2025

 

Common

Call Option

Purchased

800

5.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Purchased

800

5.0 USD

 

American

 

16/05/2025

 

Common

Put Option

Purchased

-700

7.0 USD

 

American

 

18/07/2025

 

Common

Put Option

Purchased

-8,400

5.0 USD

 

American

 

16/01/2026

 

Common

Put Option

Purchased

-99,800

7.0 USD

 

American

 

20/06/2025

 

Common

Call Option

Purchased

200

6.0 USD

 

American

 

17/10/2025

 

Common

Call Option

Purchased

4,700

4.0 USD

 

American

 

16/05/2025

 

Common

Call Option

Sold

-2,500

4.0 USD

 

American

 

17/07/2026

 

Common

Call Option

Sold

-100

7.0 USD

 

American

 

17/10/2025

 

Common

Call Option

Sold

-200

3.0 USD

 

American

 

20/06/2025

 

Common

Call Option

Sold

-9,500

4.0 USD

 

American

 

18/07/2025

 

Common

Call Option

Sold

-2,800

4.0 USD

 

American

 

20/06/2025

 

Common

Call Option

Sold

-500

4.0 USD

 

American

 

16/01/2026

 

Common

Put Option

Sold

99,900

8.0 USD

 

American

 

20/06/2025

 

Common

Call Option

Sold

-100

3.0 USD

 

American

 

17/10/2025

 

Common

Call Option

Sold

-2,000

6.0 USD

 

American

 

20/06/2025

 

Common

Call Option

Sold

-800

12.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-500

3.0 USD

 

American

 

17/07/2026

 

Common

Call Option

Sold

-200

7.0 USD

 

American

 

18/07/2025

 

Common

Call Option

Sold

-101,000

5.0 USD

 

American

 

18/07/2025

 

Common

Call Option

Sold

-3,400

10.0 USD

 

American

 

17/07/2026

 

Common

Call Option

Sold

-200

15.0 USD

 

American

 

16/01/2026

 

Common

Put Option

Sold

200

5.0 USD

 

American

 

18/07/2025

 

Common

Call Option

Sold

-9,100

4.0 USD

 

American

 

17/10/2025

 

Common

Call Option

Sold

-36,100

5.0 USD

 

American

 

17/07/2026

 

Common

Call Option

Sold

-118,400

7.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-1,400

3.0 USD

 

American

 

16/01/2026

 

Common

Call Option

Sold

-29,400

8.0 USD

 

American

 

18/07/2025

 

 

3. AGREEMENTS TO PURCHASE OR SELL ETC.

 

Full details should be given so that the nature of the interest or position can be fully understood:

 

 

 

 

 

 

It is not necessary to provide details on a Supplemental Form (Open Positions) with regard to cash-settled derivatives.

 

The currency of all prices and other monetary amounts should be stated.

 

The Panel's Market Surveillance Unit is available for consultation in relation to the Code's disclosure requirements on +44 (0)20 7638 0129.

 

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.

 

 

 

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